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  • Vietnam should prioritize value-added cashew products 07/22/2022

    Jul 22nd, 2022

    Despite their significant presence in the EU market, Vietnamese cashew nuts are sold in raw form and there are very few processed products, especially roasted and spiced products according to the taste of EU customers. The diversification of cashew products has also increased the demand for these products in the EU market. Vietnamese companies need market research and investment in the processing stage to maintain their shares in this market, Công Thuong told the newspaper.(Industry and Commerce) the representative of the Vietnam Trade Office in France, Vu Anh Son. Cashew nut processing for export. Photo: VNA/CVN In addition, to maintain market shares of Vietnamese cashew nuts, experts recommended that companies consult law firms on EU regulations on imported goods including cashew nuts, which are complicated and often updated. They also need the support of law firms when implementing business transactions to avoid risks. In the food sector, the EU does not have binding regulations, but food safety certificates, social responsibility certificates and packaging and labeling requirements are notable advantages for companies when exporting. of food to the EU, according to experts. Tough competition in the EU market Organic cashew products are very popular in the EU, so this is a potential niche market for Vietnamese companies. However, experts have warned that Vietnamese cashew nuts are facing tough competition in the EU market. In 2019-2020, the market share of Vietnamese cashew nuts in France fell from 61% to 46%. Vietnamese branded cashew products were rare on supermarket shelves as companies focused on wholesale rather than retail. Vu Anh Son said that the cashew nut supply chain in France has changed significantly with the decline in volumes from major suppliers, such as Vietnam and India, and the emergence of some other suppliers, especially Cambodia. He also added that EU companies could invest in the Africa region to diversify cashew nut supply and avoid dependence on Vietnam and other Asian countries. The EU, especially France, has a very special relationship with Africa, which not only has a closer geographical location than Vietnam, but also a historical relationship with France. Therefore, Vietnam should also pay attention to this issue, according to the representative. Vietnam Cashew Nut Association (Vinacas) Secretary General Dang Hoàng Giang said companies lack market information regarding customer tastes, especially those interested in cashew nut products. roasted Vietnamese cashew nuts sold in EU stores. According to Vinacas figures, from January to May, Vietnam exported 206,112 tons of cashew nuts worth more than 1.19 billion USD, a decrease of 7.81% in volume and 6.81% respectively. value. Given market developments, La Vinacas has asked the Ministry of Agriculture and Rural Development to lower the target of exporting 3.8 billion USD of products in 2022 to 3.2 billion USD.